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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> STATEMENTS OF REVENUE,EXPENSES AND CHANGES IN NET ASSETS
<br /> YEARS ENDED DECEMBER 31,2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> OPERATING REVENUE
<br /> Charges for services $ 12,697,258 $ 1,047,561 $ 13,744,819
<br /> Security systems 7,528 - 7,528
<br /> Generation credit 292,167 - 292,167
<br /> TOTAL OPERATING REVENUE 12,996,953 1,047,561 14,044,514
<br /> OPERATING EXPENSES
<br /> Purchased power 7,786,921 - 7,786,921
<br /> Production 434,336 430,772 865,108
<br /> Distribution 829,051 123,250 952,301
<br /> Depreciation 1,067,063 585,354 1,652,417
<br /> Customer accounts 384,491 33,019 417,510
<br /> General and administrative 1,361,488 262,636 1,624,124
<br /> TOTAL OPERATING EXPENSES 11,863,350 1,435,031 13,298,381
<br /> OPERATING INCOME(LOSS) 1,133,603 (387,470) 746,133
<br /> NONOPERATING REVENUE(EXPENSES)
<br /> Interest income 54,707 22,079 76,786
<br /> Connection charges 581,105 750,434 1,331,539
<br /> Customer penalties 131,953 6,339 138,292
<br /> Miscellaneous revenue 64,766 3,000 67,766
<br /> Interest expense (47,653) (268,835) (316,488)
<br /> Amortization of bond discount - (9,351) (9,351)
<br /> Miscellaneous expense (18,593) - (18,593)
<br /> TOTAL NONOPERATING REVENUE(EXPENSES) 766,285 503,666 1,269,951
<br /> INCOME BEFORE OPERATING TRANSFERS 1,899,888 116,196 2,016,084
<br /> TRANSFERS FROM OTHER CITY FUNDS - - -
<br /> TRANSFERS TO OTHER CITY FUNDS (317,918) (28,361) (346,279)
<br /> CHANGES IN NET ASSETS 1,581,970 87,835 1,669,805
<br /> NET ASSETS,JANUARY 1 17,878,208 5,625,722 23,503,930
<br /> PRIOR PERIOD ADJUSTMENTS (495,081) 10,376,644 9,881,563
<br /> NET ASSETS,RESTATED,JANUARY 1 17,383,127 16,002,366 33,385,493
<br /> NET ASSETS,DECEMBER 31 $ 18,965,097 $ 16,090,201 $ 35,055,298
<br /> See Notes to Financial Statements.
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